Small
Business Tools and Resources
The Power of Crafting a Year-End Review
by Terri Lonier, President, Working Solo, Inc. (www.workingsolo.com)
Each December, during the week between Christmas and New
Year's, I take a day away from my office to review the year.
It brings into focus the work I've done over the past 12
months, and helps me assess where I've been and where I want
to go.
Over the years, I've refined the process so that it pinpoints
my company's strengths, and where we should be heading. I walk
away feeling great about the year, and with a plan of how to
use the coming 12 months. I do it away from the office (I
generally borrow our bank's boardroom for the day, at no
charge), and use flip-chart-sized Post-It notes (that won't
harm the bank's furnishings). When complete, the notes get
transcribed into a computer file that I review on a regular
basis throughout the year.
Here's the process:
1. Chart your accomplishments.
Make a detailed list of all you've accomplished over the past
12 months. As entrepreneurs, we often overlook our
achievements because we're zooming down the highway, off to
our next assignment. It's a very satisfying feeling to see a
list of all you've done, and how much you've grown. It's also
a record you can refer to in future years, when you ask
yourself the inevitable question: "Where did the time go?"
2. List your high-dollar clients or projects.
These are the clients that paid you well, and on time.
Negotiations with them were fair, and your fees were based on
value, not price considerations. They viewed working with you
as an important investment in their own company's development.
Or, they were projects that generated a terrific financial
return for your company. You many not have many examples in
this category, but even if there are only one or two, list
them here.
3. List your high-fun clients or projects.
These clients may or may not have paid you well, but you enjoy
them and the work they give you, and, sssshh, don't tell, but
you'd probably work for them for minimum wage. Or, the
projects were ones you did for love. They expanded your skills
and knowledge base, and increased the value of your company in
indirect ways.
4. List your low-dollar clients or projects.
These are clients or projects that turned into black-hole
experiences in which you lost money and swore to yourself that
you'd never get yourself into this situation again. You'll
likely have at least one client or project to list in this
section, even if you're a very experienced entrepreneur.
There's always something that doesn't work out. If not, it
means you're not trying enough new things.
5. List your low-fun clients or projects.
In this section are the clients that didn't share the same
vision as you, or with whom the chemistry didn't work. Or,
they're the projects that depleted your energy, and drained
other resources from your business.
6. Create a wish list.
Review the four lists, and make a roster of the companies you
want to work with or the projects you want to work on in the
coming year. Slice the low-dollar and low-fun examples, and
focus on the high-dollar, high-fun possibilities. Consider how
to expand your work with the current members of the
high-dollar, high-fun group. Brainstorm other prospective
clients or projects that fit the high-dollar, high-fun
profile.
7. Chart the next four quarters.
On four large sheets, plot out projects currently scheduled,
and ones that you'd like to target for a specific time frame.
Include specific deadline dates, if important. Don't be
surprised if you find that significant chunks of your time are
already allocated before the calendar even flips to the New
Year. If you can, chart revenue projections for each quarter,
too. Take this list back to your office and transfer it to
your master calendar.
Once these notes are on standard-sized paper, you can refine
the plan to meet your specific business needs. For example,
you may want to chart your cash flow projections much more
closely, or integrate a timeline for a particular project.
Consider this review to be a first, broad stroke at
establishing your objectives for the coming year, and the
types of clients with whom you want to work.
Celebrate what you've accomplished, and envision the many
possibilities of the year ahead. Then grab a bottle of
champagne, drink a toast to your life as an entrepreneur, and
welcome in the New Year!
Copyright 2004 Working Solo, Inc. All rights reserved.
Past Terri
Lonier Articles
Bio Note:
Terri Lonier is a business coach who guides business owners on
how to generate greater profits -- and have more fun – while
running your company. One of the nation’s most respected
authorities on self-employment and entrepreneurship, Terri is
author of five books, including the classic startup guide,
“Working Solo.” Her work has been featured in the New York
Times, the Wall Street Journal, Fortune, Fast Company, Inc.,
and on CNBC, CNN/fn, and radio stations around the world. You
can learn more about Terri and her Pathfinder Coaching Program
at her Working Solo Web site, http://www.workingsolo.com
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